Florida’s First-time Buyers Co-Buying

A New Path to Homeownership in Florida

Homeownership is evolving.

With home prices up more than 50% since early 2020, affordability has become one of the biggest hurdles facing first-time buyers. At the same time, the median age of a first-time buyer has climbed to 40, and their share of total buyers has fallen significantly.

In response, a growing number of Florida buyers are choosing a different strategy: co-buying with a friend.

At Laura Graves Real Estate, we’re seeing more conversations around shared ownership — not just among couples, but among close friends and relatives who want to stop renting and start building equity.

Why Co-Buying Is Gaining Momentum

Several industry reports show that roughly 15% of homebuyers have purchased a home with someone who is not a spouse or romantic partner.

The reasons vary, but the themes are consistent:

• Rising home prices

• High rent with limited space

• Desire to build equity instead of paying a landlord

• Lifestyle preference — not wanting to live alone

• Earlier entry into real estate investing

For many younger buyers, co-buying accelerates the timeline to ownership rather than waiting years to purchase alone.

The Financial Appeal

From a numbers perspective, co-buying can:

• Increase purchasing power

• Improve mortgage qualification through combined income

• Reduce individual monthly expenses

• Allow entry into stronger neighborhoods sooner

• Create long-term equity growth

In competitive markets like Miami and South Florida, pooling resources can make the difference between renting indefinitely and owning sooner.

But financial advantage alone isn’t enough.

The Conversations Most Buyers Avoid

Co-buying works best when expectations are clear from the beginning.

Unlike married couples, friends don’t automatically have legal frameworks protecting their ownership rights. That means important details must be discussed — and documented.

Key questions include:

• How will the down payment be split?

• How will monthly expenses be divided?

• What happens if one person wants to move?

• What if one co-owner can’t pay their share?

• How will equity be divided upon sale?

• Will the property be held as joint tenants or tenants in common?

Trust matters — but paperwork matters more.

The Legal and Planning Component

Experts strongly recommend formal written agreements when purchasing property with a friend. A co-ownership agreement should outline:

• Ownership percentages

• Exit strategies

• Buyout terms

• Dispute resolution process

• Responsibility for repairs and improvements

Clear documentation protects both parties and prevents emotional disagreements from becoming financial disputes.

At Laura Graves Real Estate, we encourage clients to consult a real estate attorney before closing to structure ownership properly.

Is Co-Buying Right for You?

Co-buying isn’t just about affordability. For some, it’s about lifestyle and community. For others, it’s a stepping stone into investment property ownership.

It can be a powerful strategy — but only when approached with planning, transparency and professional guidance.

Laura Graves Real Estate Insights

Florida’s market continues to evolve. Creative strategies like co-buying are becoming part of the modern homeownership landscape.

If you’re considering purchasing with a friend, the key is preparation:

• Align on long-term goals

• Understand financing options

• Draft clear legal agreements

• Plan for exit scenarios before they arise

Homeownership should build wealth — not strain relationships.

If you’re exploring co-buying in Miami or anywhere in South Florida, let’s discuss how to structure it intelligently and protect everyone involved.